Manufactured Housing

Product Matrix

Fannie Mae invests in manufactured housing (MH) loans to serve its mission of expanding affordable housing by providing liquidity to a market segment that is crucial to many Americans. MH offers a low-cost alternative to site-built homes for millions of American households, especially in high-cost and rural areas. We purchase eligible mortgage loans secured by manufactured housing titled as real estate via our approved lender partners.

The matrix below summarizes our eligibility guidelines for standard MH and MH Advantage™. For detailed information, refer to Selling GuideB-5-2. For more information about MH Advantage, also refer to Selling Guide Announcement SEL-2018-05.

Standard Manufactured Housing

MH Advantage

Definition and Property Eligibility

Fannie Mae defines a “manufactured home” as a dwelling of at least 600 square feet and at least 12 feet wide, constructed to the “HUD Code” for manufactured housing, that is built on a permanent chassis, installed on a permanent foundation system, and titled as real estate.

NOTE:The sales price of a new manufactured home may include bona fide and documented costs associated with transportation, site preparation, and dwelling installation at the site.

MH Advantage is manufactured housing that meets the definition above and is designed to meet certain construction, architectural design, and energy efficiency standards that are more consistent with site-built homes.

Select Manufactured Home or Manufactured Home: Condo/PUD/Co-op in the Subject Property Type field

Select MH Advantage in the Subject Property Type field (even if the property is located in a project)

Appraisal Requirements

Minimum of 2 similar MH comparable sales; third comparable may be site-built or modular home.

Appraisers must use other MH Advantage homes, when available, for the comparable sales. If fewer than three MH Advantage sales are available, then the appraiser must supplement with the best and most appropriate sales available, which may include site-built homes.

The Manufactured Home Appraisal Report (1004C) or Appraisal Completion Report (1004D) must include photos of the MH Advantage Sticker, HUD Data Plate, HUD Certification Labels, and the site showing all driveways, sidewalks, and detached structures located on the site. Lender must review the appraisal photos to confirm MH Advantage eligibility.

If the property is located in a condo, co-op, or PUD, the related project data points are also required.

Servicing

Special servicing and default management are required for mortgages secured by manufactured homes. Servicers must ensure that all MH mortgages they service are properly identified in their systems and follow the requirements of the Fannie Mae Servicing Guide.